the children and the african should have the best education to eval. if the taliban continue to oppose this will be confronted. i wanted to confront dition to be political if they don't allow us to continue to to, to seek their own. don't the nation off campus and the way they incorporate that will give rise to the national uprising without a doubt. and i'll be one of the in the room, but the one does it show you can't afford to mit branch a board. and i'm rachel blevins in washington coming after red hot us housing

market has weekend pool and the week emerging demand during the pandemic. straight ahead, we look at the numbers, both in the us and abroad. what street has received backing for lending reform from the european central bank? but what does it mean to the recovering nation? will bring you a live report from asset? then we take a look at private space industry after jeff bader, the blue origin is trying to make a deal with nasa on the lunar lander project. we'll get to the bottom of what the company is trying to accomplish the facts. so today will dive right in we leave the program with the state of the global housing market. the house prices in the world's. busy wealthiest nations may be overvalued by as much as 10 percent amid the recent boom. according to british research firm, oxford, ex economics. now the report released last week estimate home values across 14 advanced economy have risen more than 40 percent over the last decade,

singling out the netherlands, canada, sweden, germany, and france at the most at risk market. as of april property prices in the u. k. rows at the fastest pace in 17 years. just this week, china central bank ordered lenders in shanghai to raise mortgage rates to get ahold of inflated property prices. this latest boom rivals what was witnessed in 2006 when hope prices were 13 to 15 percent over valued just prior to the global financial crisis. meanwhile, taking a look at the housing market here in the united states, fails of single family homes fell to their lowest point since the onset of the corporate $900.00 pandemic. on monday to congress department reported new home sales fell by 6.6 percent and june down 19.4 percent compared to the same month last year. it should be noted, however, the median price for a new house in june increased by 6 point one percent year over year to its highest level since january of 1999. let's dig into this with dr. lawrence. you need the

chief economist with the national association of realtors. dr. unit pleasure to have you on it. it was the 1st time joining boone, but i want to get right to the crux of this. what's behind the decline after months of increased home sales? was it in editable that we would see this bit of a downturn, or is it a supply issue? while thanks for having me on the show, the housing market at the, in quite spectacular ones, the locked down ended. so what the consumers were looking at when the economy we opened was following mortgage rates, going to absolute lowest ever to get to pass up and have people took advantage of the low interest rate. and we told the home sells, not only recover, but go way beyond the pre pandemic levels as your chart show, the home sales are retreating from that level, but it is still above pre dinner. and in the meantime, because of the inventory shortage prices rising at the strongest pace ever in the u

. s. 15 percent above one year ago. now when it comes to having been that we've seen over the last year, how much of it here in the u. s. was related to the easy monetary policy we're seeing from the federal reserve. i mean with interest rates near 0, and of course their purchase of mortgage backed securities. how did those policies play a role? well, the mortgage rate has always been an important factor for home purchase. around 80 percent of all transactions require borrowing money, about 20 percent or all cash. so clearly the mortgage wage, large home sales and the fact that movies rate, which has been quite low, but he went to imaginable low point 2.7 percent of average rate us consumers who never saw that a low point enhanced. we saw the buying power of home increase and people took advantage. so without a doubt, the maximum liquidity loose monetary policy has helped the housing market. and

when we look at these prices going up, and so many people in the market, the conversation quickly goes to a bubble birth thing is they're concerned that we may be in for a housing market crash. oh, those are very valid question because we don't want to have an unsuccessful home ownership. we want home ownership to be laughter and not a temporary and going into foreclosure. and what we learn from the past few stakes of staff, for example, 282010 was that there were many risky supply and mortgages. fortunately, this time around, you saw a sound underwriting sanders. people have to demonstrate qualification, so the mortgages are very good shape. and furthermore, we don't have that over supply builders for building and over building. 15 years ago. this time hilders are actually under producing,

which is the reason why we have housing shortage. so if we have a shortage, likelihood of price decline is very low and that i don't want to ask you to get your crystal ball out. but i'm going to ask you to get your crystal ball out. how long are we expecting this boom to last? even if it may not be the same as what we saw in 2006 to 2008, which caused the, as you said, by the sub prime mortgage crisis. but how long do we expect this influx the last year? i think what we are saying is that we saw that search, but the search period is over and the sales pro, from this period would be moderating and our so the whole price increases. anyone who is buying today shall not expect another 1516 percent price gain over the next year. i think the price growth will be more in line with people's income growth, which is about 3 to 5 percent a year. one concern that i have is a high inflation which can trigger higher inflation, higher interest rate because i'm high inflation. so that's the only concern that i

have. but right now, housing is on solid floor. and now we have also seen a lot of toxins. the start of the cobra 19 pandemic that more and more americans are making the moved to rural and suburban areas. is this a real trend and do we expect to see it continue? i do believe that this is a new situation. the work from home phenomena or the office workers completely unexpected. people have demonstrated as a productive working from home. i don't know what the right model will be, you know, come to office 3 days a week or 4 days a week, or what flexibility work from home flexibility will be with us to some degree. which means that commuting to downtown center is less important. and that's why we're saying, boom, in the suburbs, and in but in smaller towns, expense of the higher costs living and say new york city or san francisco,

dr. lawrence hewn chief economists of the national association of realtors will be happy to have you back. thank you so much. sector therapy and central bank has given grease the greenlight to implement new rules on deferred tax credit, which would make it easier for banks to shed the huge dock of non performing loans built up in the financial crisis. under current rules losses would trigger triggered the conversation of deferred credit into equity held by the state. the amendment which allows banks to offset losses for an extended 20 year period, would remove a constraint on shutting bad debt by allowing banks to secured eyes, non performing loans and book the resulting losses without losing other shareholders stakes. so what does this mean for the greek economy? well, joining us now to discuss from athens is, boom, boscoe has been swan now been 1st question. what does this change mean for the banks moving forward?

well, there's a couple of things. one of the things that it doesn't mention is it takes these deferred tax credits, which by the way, are estimated to be around $15000000000.00 euros. it allows them to be taken. and currently right now, the banks are allowed to boost their capital base by converting those deferred taxes. assets, which ship, by the way, are they right now? do not count toward their cor capital to deferred tax credits, which do count towards that court capital. but it should be mentioned here that the e, c, b, you mentioned that they signed off on this. technically, it doesn't really matter whether they choose to sign off on it or not. because the e. c, b doesn't really have authority over whether or not great banks do this. what is important though, is that by the e. c be signing up and saying we give you our stamp of approval. it doesn't cause any problems for any of the recovery fund money that greece is supposed to get as part of the coven relief package that was signed last year by all these european

nations in the european union. so by not doing anything that's going to upset the e c b, that's probably a good move as, and greece continues to work to kind of realign their banking system. and by and j . p. morgan has now estimated that greek banks will exceed 20000000000 euros between 20222024 because of a plan by the government to deal with nonperforming loans. what do we know about that? yeah, absolutely. so essentially what they're doing is the estimation here is that between 2022, as you said in 2024, there's going to be a much bigger increase in all of this, we're talking about exceeding 20000000000 euros. and that's about 12 percent of the gross domestic product of the entire country brief. so the idea here is, and by the way this, this does relate to these other issues as well. it's a real lining of a lot of these issues and taking many of the assets and re configuring how they're being held by these greek banks. but also taking

a lot of these loans that are really kind of worthless loans. at this point. you remember greece within a lot of trouble just a couple of years ago and has been trying to get out of this financial trouble that it's been. and as one of the ways you have to do that is by off shoring and removing, unloading, excuse me, some of the bad loans that they're holding onto. they have very unproductive loans at this point. but you also have a pen demik that's taking place and it made a lot of the lows that were made impossible to pay back. so rather than holding those those loans that can't be paid back, the government's essentially stepping in and saying, well, you don't have to keep those on your books anymore, they're going to help with that process. the investments on thank you so much for your insight on this one. thanks the markets are make this week, but we are definitely seeing more red than green as inflation remains in focus in many indexes. took a hit over the sell off earlier in the week on concerns of

a tech crack down in china. we start in russia where the mo, x is up, while the index started off the week rough amid the global sell off. it was able to recover mid week, the head of the moscow exchange. and now it's thursday. it is planning and expansion in the foreign shares it offered and expanding trading hours. meanwhile, there was a little back and forth between the u. s. and russia, as president joe biden took a shot at the russian economy, saying it has nuclear weapons and oil wells. and nothing else which prompted a russian spokesperson to say it was a misunderstanding of modern russia. moving to asian markets to shanghai composite and hong kong tank. thank. are both in the read this week. a fell off earlier in the week due to regulatory fears, took a toll on the tech education sectors, but rebounded slightly to close out the week. as reports indicate the nation's top regulator privately told global financial firm that beijing will consider the market impact before introducing future policies. but it should be noted, the composite was down nearly 4 percent for the week with the hang losing 5 percent

for the week as a whole in japan, the ne k is also down at the tokyo olympics, finish off its 1st week. the index is down 2 and a half percent for the week, losing nearly 2 percent on friday alone. industrial output in the nation was up more than 6 percent in june. after 6.5 percent decline in may. moving to india, we have another red arrow down less than one percent for the week after following the trends we are seeing elsewhere. shares in india were higher on metals due to increased demand on thursday. and in autos on friday in australia, the ass x is down as well. but just by to point. so it could've been even pretty much heading into friday. it looked like the australian index would squeak out a green arrow, but hacking energy stacks weighed on the s x origin. energy dropped over 7 percent on friday alone as they warned of a fall in earnings over the next 2 years. and we have a green arrow in south africa for the all share on wednesday, the nation is treasury said it would spend $2600000000.00 to help businesses

effects by deadly riots in the country. following the u. s. federal reserve decision to keep monetary policy in place stocks and the ran rallied mid week and now we go over to rachel with markets in europe in the americas. thanks brent. here we start in the u. k. where the fussy is up this after a roller coaster of a week that saw the latest earnings reports fueling gains as the i m. f upgraded the u. k. is growth forecast to 7 percent, setting it up to be one of the fastest growing developed countries. this year, although coven cases dropped in the country, travel stock still took a hit from the impact the delta variant is having on the rest of the world. nearby the german dax and french kac are also in the green. while the e. u is still working to return to pre pandemic levels. germany is economy grew less than expected and the 2nd quarter by 1.5 percent, while france just slightly b estimates up point 9 percent. this week,

europe rate of vaccinated citizens did overtake the us, but washington's indefinite ban on european travelers remains in place across the atlantic in brazil, the ego vast but is down while the countries g d. p is now expected to grow by 5.3 percent. this year it continues to face in your historic unemployment rate with a report showing job, those claims that 14.6 percent in the 2nd quarter of 2021 over in mexico, the b m. v is in the red. this, despite the country's economic growth in the 2nd quarter, hitting 1.5 percent, the increase, which was largely fueled by services and manufacturing exports to the us brings mexico year over year growth to 19.7 percent, showing just how much it was impacted by lockdown. last year then here in the us, the down, the nasdaq and the s m p are all down to and the week while gdp grew by 6.5 percent in the 2nd quarter, it was significantly less than the 8.4 percent. that was expected. markets also to

get hit in the latest earnings reports as they cost amazon, $148000000000.00 and market value. early on friday. and robin hood made history with the worst debut ever for an ip of its size. and finally, in canada, the ts x is in the green. after closing at an all time high on thursday, the index was fueled by a weak us dollar wheel prices top $75.00 a barrel, and gold prices hit 6 week highs. moving into next week, we will continue to keep an eye on the state of rising inflation and its impact on the global recovery time. now for a quick break, but when we come back, we head back to the space sector and look at some of the smaller players taking a crack at the industry. as we're going to break. here are the numbers of the

news. news news in my phone are 60 and i don't i just saw under the format isis fighters and they're now boarding a philippine naval ship with the john $900.00 jeff, aren't abdulla still don't know,

watch waiting for them and i don't that she gave me the welcome back there, raised to outer space continues in the private sector. as jeff phasers calls on nasa to back track on its decision to award a $2900000000.00 boone or lander contractor space x bays. us is offering to waive $2000000000.00 and views to secure a contract of his own and an open letter to nasa. the blue origin founder argued that by changing its plan and giving the contract to space ex alone,

the agency broke the mold of a successful commercial space program by putting an end to meaningful competition for years to come, as spokesperson for blue origin described it as a flawed acquisition for the human landing system program and claim nasa move the goal posts at the last minute. so we'll base those have any luck with his latest bid. joining us now to go further and jump on. this is aaron payroll, professor of business strategy with a focus in space commercialization. now aaron bass seems to be taking nasa's decision personally. so why is he fighting for a piece of berlin or lander contract, and what does blue origin stand to gain from it? well, i knew, i don't know, just phase i was, you know, i'm not going to know his mind, but i will say that his actions have demonstrated that he has a very personal and although, as far as a emotional connection to the progress of the space industry it's what he's using

his fortune for, and he's, you know, said in multiple arenas that this is a dream of his. so for him, it's the prestige of it to say the least. but you know, they make a great point. our board makes a great point about the competition around having the space infrastructure in place, and by only funding space axes starship. we are running into a problem where you have a monopoly power scenario, right? space ex has a launch vehicle and then they have the landing vehicle. and a big part of the space industry is heritage. and if we don't have the opportunity to, you know, see additional technology gain that heritage and show that it's trustworthy and it can work well. then we're going to be continually relying on one firm to say that it's going to work for us and large and, but it's an important component of this. and just to clarify, aaron, so i mean obviously nasa says, hey, we wanted to have multiple contractors. the fact was we just didn't get the correct money,

the money to be appropriated for it. we're also on that same no. what is the $2000000000.00 they just basically thing will pay that $2000000000.00 and move forward with it? well, so government contracts are really big because it's patient investment and so that's why, you know, before just said, hey, i'll give you 2000000000 or we'll take, we'll take the costs. there was basically looking for a patient customer that would allow for the investment, which is why that's why it was a big deal. what's astonishing and i'm still a little bit at a loss for words, is that just phases is like, well then i'll pay for it, right? and that's a, that's intense and it's, it's unheard of then it brings up a whole bunch of other interesting observation as being of billionaires and space. the course dynasty is looking to make a name for itself by joining to investment companies for $75000000.00 into german start up. use our aerospace now. what is the company's focus and how likely are we to see a porsche $911.00 and lower earth orbit as a result? well, for that last point, probably a low probability. but before i start,

aerospace technology is that a firm that's looking to do small fat launches in leo, lower the orbit. and so, you know, it's, that's a really crowded market to be honest, of the current number of launch companies out there which includes heavy, medium, and small launch vehicles. there's $162.00 and about 70 percent of those. maybe a little bit more going to be small launch vehicles. so you know, it's a very crowded market that is growing because of the smaller new tries and electronics and more competition, more investment. so there's opportunity. but i wouldn't necessarily say that it's, you know, a done deal that i sorry, as you know, going to be a major player in, in transportation, essentially. now from one start up to another, we've learned that var space industries, which is founded by 2 people with experience that space acts and the founders fund has raised $50000000.00 to launch its 1st space factory into orbit. now when we're

talking about the possibility of in space manufacturing, how likely is it to get off the ground both literally and figuratively. it's likely, you know, space manufacturing is enabling technology that the industry as a whole is, is excited to see, you know, coming to fruition largely in the space industry. it's been focused on space technology manufacturing. right. and that usually is because the down massing of materials, bringing things from orbit back to planet earth is very costly and complex. and so the value proposition of anything you make in space to be sold on earth is hazy at best. and what's interesting about barter though, is that they are doing what i can to kind of angeles to say, bring the like, how can space affect earth, what's the value that it can bring back to planet? and there they got a plan, but i don't know if their timeline is i think it feels

a little ambitious at the moment and i feel like we're seeing a lot of that in the space industry. but then again, i think we would have said the same things about blue origin and basics as we see how much they've grown over the last several years. now, aaron, before we go about 30 seconds to this last answer, but there has been a lot of talk about whether jeff bezos and richard branson could truly be considered astronauts. but now the f a has updated its guidelines to say that it's not about the distance, it's about, it's actually about what you do while you're in the in space. and there is in there at the centrally to public safety is what they're saying. is that change likely to impact plans for space tourism at all? probably not. i mean thing about airlines like we're not all pilots lie and i've never knew essentially the same idea. i love that people want to be an astronaut. me this isn't as or not, don't tell him. otherwise i had to leave it right there, but great inside is always there in payroll. thank you so much for your time. thank

you. and finally, amid the coven 19 pen barrett, the movie industry has been forced to adapt to the theater work to reopen. some may never reopen. many highly anticipated big budget films, chose to release right to video on demand or streaming services. and just a few weeks ago marbles black widow released in theaters and on disney plus at the same time, of course that was a premium video on demand that costs $30.00 to view it with the film making more than $60000000.00 on streaming alone. but that number isn't making everybody happy . as the film star scarlett johansson has sued disney for the way it released the movie thing, her contract guaranteed and exclusive theatrical relief. and this is the big part. her salary was based in large part on box office performance of the film. but it disney spokesperson downplayed the suit, saying it is especially sad and distressing in its callous disregard for the her epic and prolonged global effects of the cobra. 1900 pandemic,

adding the distributor composite comply fully with her contract, and the streaming relief gave her the opportunity to earn more than $20000000.00 more than the $20000000.00 that she has already earned. rachel, wow, that's why it is likely to continue as we see more and more movies dealing with exactly, you thought it's not a big where they made $60000000.00, but turns out there might be some other problems and that, that for the time you can catch boom bus on demand, a portable tv available on smartphones, tablets you google play in the apple app store. portable tv can also be downloaded on samsung, smart tv, and roku devices, or simply check it out at portable dot tv will see you next. me ah, will be someone like me seeking the best rides for the

children and the african should have the best education as theirs to eval. if the time continue to oppose this will be confront. i want this configuration to be political if they don't allow us to continue to, to, to seek their own. don't the nation of a scandal. and the way they incorporate that will give rise to a national uprising without a doubt. and i'll be want to use ah

ah ah, ah, in the pop quiz procession is 0 time in length. what do you call that? what does that word? is called communism right? only in communism with our state run countries, they have no recession, but they also have no way for anybody to have a life rather than being a slave. okay, that's where america, that is the

know what would be the good and you can can walk by now i know i should know moment the age and illegal mon tesla deals on males like one and then that will allow you to go for have an association national with much i should be out. there are small 100 people. but no, no, i mean, i mean i saw it in one out my in my name

is the protests, rage in france for a 3rd weekend, straight people that venting the furious. coven health is a monday through vaccinations, is the thing right now in paris. i'm the french are also upset. what they say is, on phones, on called the left of france, becomes the only country not exempt from corona virus. quarantine rules in the u. s . people in the french capital, the ports on the new thing is political. it's nothing else has anything to do with myers. i do think that it's pretty ridiculous. they shouldn't single out certain countries.